Metals One (MET1) has initiated phase 1 of its exploration programme on its newly acquired uranium and vanadium projects in the Colorado and Wyoming, USA.
These projects were the subject of an acquisition deal signed in April.
Metals One has agreed to begin exploration work in anticipation of completion of the acquisition, including award of the 10-year exploration leases, within the next week or so, and will make a further announcement at that point. Completion of the acquisition remains subject to various conditions.
At the Uravan Belt uranium-vanadium project in Colorado Metals One is targeting critical resources essential for U.S. energy security and the clean energy transition.
The exploration programme will consist of reconnaissance prospecting of historical workings, geological mapping, surface sampling, and re-location of historical mine sites, the compilation and assessment of historical regional data, and a detailed ground-based geophysical survey.
Uravan consists of 59 claims near the historic Buckhorn mine, within the renowned Uravan Mineral Belt, historically the most productive uranium-vanadium mining district in the U.S. Previous surface sampling returned exceptionally high uranium grades, including assays up to 22,280 parts per million (2.23% U₃O₈), as well as significant vanadium values.
Work will also commence at the Squaw Creek uranium project in Wyoming upon finalisation of permitting.
This work will include a comprehensive review of historical data on regional water wells and uranium exploration wells, identifying gamma signatures indicative of uranium mineralisation, and ground-based grid geophysical surveys.
Squaw Creek comprises 53 claims in Wyoming's Shirley Basin, recognised for in situ recovery-amenable uranium deposits. Historical gamma ray well logs report significant uranium readings of 1,500 CPS at a depth of 330 feet.
The project's strategic location near historical uranium mines and TerraPower's next-generation nuclear reactor project highlights its critical importance to U.S. nuclear energy objectives.
"The initiation of our Phase 1 exploration programme represents an important milestone as we advance these strategically significant uranium and vanadium projects in the United States,” said Craig Moulton, chair of Metals One.
“These initiatives underscore our commitment to supporting the U.S. clean energy and national security objectives through the discovery and development of critical domestic mineral resources. We look forward to providing further updates as we progress exploration activities."
View from Vox
It’s good to see Metals One moving so fast these days. Barely a month after inking the acquisition deal, and before its actual completion, work on the ground is commencing. Note that the company has also recently acquired gold assets in the USA, so the centre of gravity for operations appears to be shifting. Watch for an interview with Craig Moulton on Vox, coming within the next couple of weeks, which should tell us more.